LCMS Convention Workbook St. Louis, Missouri — 1981, Sheet 216

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ASS AVAILABLE FOR BE

CONCORDIA RETIREMENT PLAN

ASSETS

Investments, at market value (cost--
$145,306,573 in 1980; $122,449,620
in 1979)--Note D:
Bonds, notes, and debentures
Common stocks
Preferred stocks
Participation in Commingled Funds
of Morgan Guaranty Trust Company:
Equity Commingled Funds
Fixed Commingled Funds

Contributions receivable
Accrued income
Cash:
Demand deposits
Investment account
Prepaid expenses and other assets
Equipment (less allowance for
depreciation of $19,259 in
1980 and $17,457 in 1979)
Data processing software
TOTAL ASSETS
LIABILITIES
Accounts payable

NET ASSETS AVAILABLE FOR BENEFITS

See notes to financial statements.

STATEMENTS OF CHANGES IN NET ASSETS AY

CONCORDIA RETIREMENT PLAN

ADDITIONS

Invest -nt income:
Interest income
Dividend income
Investment income from Commingled
Funds of Morgan Guaranty Trust
Compan
Equity Commingled Funds
Fixed Commingled Funds

Contributions
Realized gain on sale of
investment s~-net

DEDUCTIONS
Retirement benefits

Disability benefits

Administrative expenses

Unrealized appreciation in
market value of investments
NET INCREASES

Net assets available for benefits
at beginning of vear - Restated--Note F
NET ASSETS AVAILABLE FOR BENEFITS
AT END OF YEAR

See notes to financial statements.

ADMINISTRATION

December 31]

1980

1979

S$ 14,814,489

(Restated)

S$ 18,088 ,8t3

5,070,543 31,398,743
513,119 150,900
55,562,039 16,394,701
75,311,812 54,165,546
151,272,002 120,198,703
3,912,557 3,482,986
2,812,353 1,814,510
33,628 530,758
7,207 122,234
40,835 652,992
7,500 9,057

2,941 13,091

106 ,808 39,745
158,164,996 126,208,084
284,158 152,178
$157,880 ,838 $126,055,906

ILASLE FOR 3ENEFITS

Year Ended December 31

1980

1979

$ 1,829,503

(Restated)

S$ 1,504,868

241,686 1,654,103
2,070,351 552,441
7,459,187 4,524,447

11,600,727 8,235,859

15,137,446

13,605 ,900

352,612 973,383
27,090,785 72,815,142
2,453,942 2,111,470
254,622 251,171
2,708,564 7,362,641
773,635 589,260
3,482,199 2,951,901
23,608 , 586 19,863,241
8,216,346 1,542,105
31,824,932 21,405, 346
126,055,906 104,650,560
$157,880,838  $126,055,906

IAL STAT

CONCORDIA RETIREMENT PLAN

December 31, 1980

NOTE A--SIGNIFICANT ACCOUNTING POLICIES

Investment securities are stated at market value. The fair value of the
units of participation in Morgan Guaranty Trust Company Fixed and Equity
Commingled Funds is based on the redemption value on the last business
day of the plan vear as reported by Morgan Guaranty Trust Company.

All office space is rented from The Lutheran Church ~ Missouri Synod.

Equipment and data processing software is recorded at cost. Depreciation
is computed on the straight-line method over the estimated useful life of
the equipment. Amortization of data processing software will begin when
the software is fully developed and in use for its intended purpose.

The cost of certain administrative expenses incurred for the benefit of
each of the Concordia Plans (Retirement, Survivor, and Health) and the
cost of shared equipment is allocated to each of the plans based upon
management's estimate of the use of the service.

NOTE B--DESCRIPTION OF THE PLAN

The Plan has been established for the ministers of religion and lay
workers of The Lutheran Church - Missouri Synod and its controlled
organizations. The Plan has been made available to member congregations
and other affiliated organizations. The Plan is administered by a Board
of Managers which is appointed by the Board of Directors of The Lutheran
Church - Missouri Synod. All contributions to the Plan are paid by the
employer organization.

The purpose of the Plan is to provide an income for all members after
retirement for age or disability. Benefits include monthly benefits to a
maximum of 50% of compensation if retirement is at age 65 or later and
reduced monthly benefits if retirement occurs before age 65 but after aze
55. Disabled members may receive normal monthly benefits after 52 weeks
of disability. In cases where contributions to tne Plan are reduced by
amounts payable for social security, the benefits noted above are
adjusted to reflect such reduced contributions (offset method).

The Plan is self-insured and ali benefits become vested after ten years
of creditable service.

NOTES TO FINANCIAL STATEMENTS--CONT'D

NOTE B--DESCRIPTION OF THE PLAN--CONT'D

A more comprehensive description of the Concordia Retirement Plan and its
benefit provisions is contained in the pamphlet, A Brief Description ~
Concordia Retirement Plan. This pamphlet may be obtained from the Board
of Managers.

The Plan can be terminated by The Lutheran Church - Missouri Synod in
convention. 8ased upon such action the Board of Managers would dispose
of the net assets of the Plan as follows:

First, provision shall be made for the payment of retirement
benefits to retired members and inactive members receiving
benefits,

Second, any remaining assets shall be prorated among the members and
inactive members who are not receiving retirement benefits at the
date of termination of the Plan on the basis of the actuarial
reserves for their accrued benefits.

Third, the remainder, if any, after satisfaction of all Liabilities
for accrued benefits for all members and dependents and the
satisfaction of all other liabilities shall be used to increase
proportionately the payments to those cited above.

NOTE C--ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS

Accumulated plan benefits are the actuarial present value of future
payments attributable under the Plan's provisions to services rendered by
members as of December 31, 1980. This amount results from applying
actuarial assumptions which reflect the time value of money (through
discounts for interest) and the probability of payment (by means of
decrements such as for death, disability, withdrawal, or retirement)
between the valuation date and the expected date of payment.

Accumulated plan benefits include benefits expected to be paid to retired
or terminated members and present members. Benefits for retired or
terminated members are based on the members' compensation during their
last five years of creditable service. The accumulated plan benefits for
active members are based on their average compensation during the five
years preceeding December 31, 1980. Benefits payable under all
circumstances--retirement, disability, and termination of membership are
included, to the extent deened attributable to service rendered to
December 31, 1980.